The saga that is GameStop Corp. has turned into nothing short of a national sensation.
Everything started innocently enough, way back in 2019, with people on message boards swapping ideas about a left-for-dead chain of mall stores.
Now it s much bigger: for pundits prone to the dramatic, a David vs. Goliath parable for the age of wealth inequality. Perhaps a vestigial legacy of Trumpism and the populist backlash against the elites.
For parts of the hedge-fund industry, it s an existential crisis. For old-school investors who preach discipline and doing your homework before hitting buy, it s a horror story they expect will end terribly. It s at least part of the reason the entire stock market tanked on Wednesday.
How GameStop’s Robinhood Boosters Are Clobbering Hedge Funds
A ‘flash mob with money,’ their enthusiasm for the ailing retailer’s stock has lost short sellers a reported $23.6 billion.
GameStop has stopped hedge funds, big-time. Its climbing stock has spoiled their short sales on the money-losing video game retailer, as well as on other limping outfits such as AMC Entertainment (the beleaguered movie theater chain), and BlackBerry (onetime maker of the early smartphone, now a software developer).
A good number of hedge funds have been betting borrowed stock that the companies’ shares would droop, with GameStop their favorite prey. Trouble is, the social media-connected day traders have gleefully declared war on the short-selling hedge operators.
Jerome Powell Fast Facts
Personal
Birth place: Washington, DC
Father: Jerome Powell, attorney
Marriage: Elissa (Leonard) Powell (1985-present)
Children: Samuel; Lucy; Susie
Other Facts
Timeline
1984-1990 – Works at the investment bank Dillon, Read & Co.
1990-1993 – Assistant Secretary and then Under Secretary of the Treasury for Finance, under US President George H. W. Bush.
2010-2012 – Visiting scholar at the Bipartisan Policy Center in Washington, DC.
May 25, 2012-present – Serves on the Board of Governors of the Federal Reserve. Reappointed and sworn in on June 16, 2014, for a 14-year term ending January 31, 2028.
New Delhi: Today, the futures price of gold and silver has fallen drastically in the Indian markets. February s gold futures on MCX fell below the 49,000 level. Gold fell 0.9%, or Rs 450, to Rs 48,860 per 10 grams, while silver futures slipped 1.4%, or 900 rupees, to Rs 65,127 per kilogram. Silver is down 7500 rupees from a record high of Rs 56,200 in August.
Gold prices remained low amid a strong dollar in international markets today. Gold was down 0.3% at $1,840 an ounce. After the bond yield and the dollar increase, a report indicated that the newly elected US President Joe Biden is planning a corona relief package of 20 trillion. The dollar index was up 0.05% at 90.377. Gold traders are awaiting the comments of Federal Reserve Chairman Jerome Powell. Powell is going to take part in a webinar today.
While the business meal deduction is a full write-off in the rescue package, these provisions for at low-income families are getting a boost marketwatch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketwatch.com Daily Mail and Mail on Sunday newspapers.